Share via Twitter

Share this report with your Twitter Followers. Your co-branded information will be added to the link shared on Twitter. When a user clicks this link on Twitter, they will see your profile information embedded into this report.

Subscribe via email and you can share this report with your followers directly from the daily email.

Share via Facebook

Share this report with your Facebook Connections. Your co-branded information will be added to the link shared on Facebook. When a user clicks this link on Facebook they will see your profile information embedded into this report.

Subscribe via email and you can share this report with your connections directly from the daily email.

Share via LinkedIn

Share this report with your LinkedIn Connections. Your co-branded information will be added to the link shared on LinkedIn. When a user clicks this link on LinkedIn they will see your profile information embedded into this report.

Subscribe via email and you can share this report with your connections directly from the daily email.

Share via Google+

Share this report with your Google+ Followers. Your co-branded information will be added to the link shared on Google+. When a user clicks this link on Google+ they will see your profile information embedded into this report.

Subscribe via email and you can share this report with your connections directly from the daily email.

Embed Directly into your Website

Registered users can embed the latest version of this report into their website. The report will update automatically each day.

Enable co-branding and we'll personalize the embedded report with your business information. Any user that visits a link in the embedded report be directed to our website where they will see your co-branded information in place of COMPETITOR ADS!

Subscribe to RSS Feeds

You can email any report to a client or colleague by clicking this 'Email' link.

As a registered user the email you share will be personalized with the business information from your profile. When a user clicks any link in the shared email they will be taken to MND where all ads are removed and replaced with your profile information.

Mortgage ratesare higher on average after today's monetary policy announcement from the Federal Reserve. Some lenders adjusted rates higher in the afternoon while others remain on their first rate sheet of the day. That has made for a bit of stratification in rate offerings between lenders and depending where one looks, rates might not be much different from yesterday (and in rarer cases are in better territory). Best-Execution remains split between 3.25% and 3.375%.

Both stocks and bond markets sold-off today as the Fed ditched their previous policy verbiage that specified low Federal Funds rates through late 2015 and instead adopted threshold levels for unemployment and inflation. Essentially, this turned a firm target into a moving target and Bernanke reinforced this uncertainty during his press conference in saying that the thresholds themselves would not necessarily guarantee a change in policy.

In other words, the Fed is no longer specifying exactly how long they plan on low rates, and while they are tying policy changes to benchmarks, they won't necessarily change policy when those benchmarks are hit. Even if this ambiguity is a necessary evolution in the way the Fed communicates its policy, markets didn't like it much today. When bond markets sell off, it means that prices are falling and yields (or interest rates) are rising. The mortgage-backed-securities (MBS) that most directly influence mortgage rates tend to move in concert with broader bond markets and today was no exception.

All that having been said, the damage wasn't overly severe and does very little to change the recent landscape of mortgage rates. Granted, it could end up being the first step in a bigger change if it acts in concert with Fiscal Cliff headlines that continue a painful path for bond markets, but just like we can now say for the Fed, those headlines don't operate on a set schedule.

Rates could easily move higher or lower, but given the nearness to all time lows, there's generally more risk than reward regarding floating

This will always be the case when rates operate near all-time levels, and as 2011 showed us, it doesn't always mean they're done improving.

(As always, please keep in mind that our talk of Best-Execution always pertains to a completely ideal scenario. There can be all sorts of reasons that your quoted rate would not be the same as our average rates, and in those cases, assuming you're following along on a day to day basis, simply use the Best-Ex levels we quote as a baseline to track potential movement in your quoted rate).

Secondary Marketing Managers: If you are interested in gaining access to the most accurate real-time back-month TBA indications from Thomson Reuters and Tradeweb. Request More Information

About This Report

Mortgage News Daily is a trusted source of mortgage rate market data and analysis, with over 1 million readers each month. Unlike many rate surveys, our survey is conducted on a daily basis and is designed to bring you the most current and accurate rate data available. We use a proprietary formula to calculate averages based on best-execution rates from top lender's rate sheets, also taking into account feedback from hundreds of mortgage market professionals around the country.